SlideShare a Scribd company logo
1 of 3
Download to read offline
WAYNE HIMELSEIN’S
TRADING
PHILOSOPHY
By Wayne Himelsein
Introduction
 Wayne Himelsein, the chief investment officer of
Logica Capital Advisers, brings two decades of hedge
fund experience to the Los Angeles firm. Wayne
Himelsein has expertise in quantitative trading
systems and market neutral investing.
When investing and trading, his philosophy is as
follows:
“The scientific method is the most powerful tool that
exists. More specifically, the same mathematical and
statistical procedures that take humans to the moon
and cure life threatening diseases can equally be
applied to the dynamic numerical environment of the
capital markets." - Wayne Himelsein
 This philosophy is important in light of 3 of his core
beliefs:
1. Market neutral strategies are not truly neutral.
Besides directionality, there are many other exposures
and sensitivities that need to be identified and
controlled.
2. Behavioral biases of buyers/sellers in decision
making and their impact on market behavior, create
inefficiencies that can be exploited in a systematic
way.
3. Many managers believe the only way to
outperform is more and better information than their
rivals; we believe that a deep understanding of market
dynamics is a more fruitful exercise.

More Related Content

Viewers also liked

Offre d'emploi : Développeur Mobiles (iPhone / Android) H/F
Offre d'emploi : Développeur Mobiles (iPhone / Android) H/FOffre d'emploi : Développeur Mobiles (iPhone / Android) H/F
Offre d'emploi : Développeur Mobiles (iPhone / Android) H/FSimstream
 
Outreach Plan For Assisted Living
Outreach Plan For Assisted LivingOutreach Plan For Assisted Living
Outreach Plan For Assisted LivingDeb Winterhack
 
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...Eliud Gamez Gomez
 
Glassdoor - Employees as Brand Ambassadors - FINAL FINAL
Glassdoor - Employees as Brand Ambassadors - FINAL FINALGlassdoor - Employees as Brand Ambassadors - FINAL FINAL
Glassdoor - Employees as Brand Ambassadors - FINAL FINALJennifer Trendler
 
Lifestyle factors in cv ds
Lifestyle factors in cv dsLifestyle factors in cv ds
Lifestyle factors in cv dsjayarajgr
 
Expansión de las asambleas de dios de colombia
Expansión de las asambleas de dios de colombiaExpansión de las asambleas de dios de colombia
Expansión de las asambleas de dios de colombiaLuis Cuervo
 
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...Pds I explicacion al proposito eterno de dios para comprender el plan de salv...
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...Eliud Gamez Gomez
 
MANTENIMIENTO BASICO DEL AUTOMOVIL
MANTENIMIENTO BASICO DEL AUTOMOVILMANTENIMIENTO BASICO DEL AUTOMOVIL
MANTENIMIENTO BASICO DEL AUTOMOVILwrcw97292
 
CV Sassi_Zied VA
CV Sassi_Zied VACV Sassi_Zied VA
CV Sassi_Zied VAZied Sassi
 
Paradigmas de Bases de Datos
Paradigmas de Bases de DatosParadigmas de Bases de Datos
Paradigmas de Bases de Datosjazzme
 
Curso de-electricidad-automotriz-automoviles
Curso de-electricidad-automotriz-automovilesCurso de-electricidad-automotriz-automoviles
Curso de-electricidad-automotriz-automovilesEducagratis
 
17 penilaian-pengetahuan-smp
17 penilaian-pengetahuan-smp17 penilaian-pengetahuan-smp
17 penilaian-pengetahuan-smpLaga Sirampok
 

Viewers also liked (16)

XI aniversario
XI aniversario XI aniversario
XI aniversario
 
Offre d'emploi : Développeur Mobiles (iPhone / Android) H/F
Offre d'emploi : Développeur Mobiles (iPhone / Android) H/FOffre d'emploi : Développeur Mobiles (iPhone / Android) H/F
Offre d'emploi : Développeur Mobiles (iPhone / Android) H/F
 
Outreach Plan For Assisted Living
Outreach Plan For Assisted LivingOutreach Plan For Assisted Living
Outreach Plan For Assisted Living
 
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...
Pds iii desarrollando las 8 gracias para tener en caracter como el de cristo ...
 
Glassdoor - Employees as Brand Ambassadors - FINAL FINAL
Glassdoor - Employees as Brand Ambassadors - FINAL FINALGlassdoor - Employees as Brand Ambassadors - FINAL FINAL
Glassdoor - Employees as Brand Ambassadors - FINAL FINAL
 
Birth injury cause
Birth injury causeBirth injury cause
Birth injury cause
 
Lifestyle factors in cv ds
Lifestyle factors in cv dsLifestyle factors in cv ds
Lifestyle factors in cv ds
 
Expansión de las asambleas de dios de colombia
Expansión de las asambleas de dios de colombiaExpansión de las asambleas de dios de colombia
Expansión de las asambleas de dios de colombia
 
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...Pds I explicacion al proposito eterno de dios para comprender el plan de salv...
Pds I explicacion al proposito eterno de dios para comprender el plan de salv...
 
Bakterio plaka eliminatzea (zuzendua)
Bakterio plaka eliminatzea (zuzendua)Bakterio plaka eliminatzea (zuzendua)
Bakterio plaka eliminatzea (zuzendua)
 
MANTENIMIENTO BASICO DEL AUTOMOVIL
MANTENIMIENTO BASICO DEL AUTOMOVILMANTENIMIENTO BASICO DEL AUTOMOVIL
MANTENIMIENTO BASICO DEL AUTOMOVIL
 
CV Sassi_Zied VA
CV Sassi_Zied VACV Sassi_Zied VA
CV Sassi_Zied VA
 
Paradigmas de Bases de Datos
Paradigmas de Bases de DatosParadigmas de Bases de Datos
Paradigmas de Bases de Datos
 
HTML5 y CSS3
HTML5 y CSS3HTML5 y CSS3
HTML5 y CSS3
 
Curso de-electricidad-automotriz-automoviles
Curso de-electricidad-automotriz-automovilesCurso de-electricidad-automotriz-automoviles
Curso de-electricidad-automotriz-automoviles
 
17 penilaian-pengetahuan-smp
17 penilaian-pengetahuan-smp17 penilaian-pengetahuan-smp
17 penilaian-pengetahuan-smp
 

Similar to Wayne Himelsein's Trading Philosophy

Lecture 1 Introduction to Behavioral Finance [Autosaved].pptx
Lecture 1 Introduction to Behavioral Finance [Autosaved].pptxLecture 1 Introduction to Behavioral Finance [Autosaved].pptx
Lecture 1 Introduction to Behavioral Finance [Autosaved].pptxMubashirAli440246
 
behavioral finance.pptx
behavioral finance.pptxbehavioral finance.pptx
behavioral finance.pptxSudiptabej2
 
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisis
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisisMindscope Nov 2014_Tactical Asset Allocation_Investing after the crisis
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisisValentijn van Nieuwenhuijzen
 
Behavioral Finance And Its Effects On The Economy
Behavioral Finance And Its Effects On The EconomyBehavioral Finance And Its Effects On The Economy
Behavioral Finance And Its Effects On The EconomyCheryl Brown
 
Behavioral Finance - an overveiw and main concepts.pdf
Behavioral Finance - an overveiw and main concepts.pdfBehavioral Finance - an overveiw and main concepts.pdf
Behavioral Finance - an overveiw and main concepts.pdfBinteMaroof1
 
Unit 5 Behavioural finance.docx
Unit 5 Behavioural finance.docxUnit 5 Behavioural finance.docx
Unit 5 Behavioural finance.docxJayraj Javheri
 
Behavioral finance, heuristics and marketing
Behavioral finance, heuristics and marketing Behavioral finance, heuristics and marketing
Behavioral finance, heuristics and marketing A.W. Berry
 
Discerning Behavioural Finance
Discerning Behavioural FinanceDiscerning Behavioural Finance
Discerning Behavioural FinanceShikta Singh
 
Efficient market Hypothesis(EMH).pptx
Efficient market Hypothesis(EMH).pptxEfficient market Hypothesis(EMH).pptx
Efficient market Hypothesis(EMH).pptxAnjaliKaur14
 
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...Proactive Advisor Magazine
 
Limited Attention, Information Disclosure, and Financial Reporting
Limited Attention, Information Disclosure, and Financial ReportingLimited Attention, Information Disclosure, and Financial Reporting
Limited Attention, Information Disclosure, and Financial ReportingDavid Hirshleifer
 
Managerial economics
Managerial economicsManagerial economics
Managerial economicssmumbahelp
 
Understanding behavioural finance
Understanding behavioural financeUnderstanding behavioural finance
Understanding behavioural financeShikta Singh
 
From The Efficient Market Hypothesis To Behavioral...
From The Efficient Market Hypothesis To Behavioral...From The Efficient Market Hypothesis To Behavioral...
From The Efficient Market Hypothesis To Behavioral...Patricia Johnson
 

Similar to Wayne Himelsein's Trading Philosophy (20)

Lecture 1 Introduction to Behavioral Finance [Autosaved].pptx
Lecture 1 Introduction to Behavioral Finance [Autosaved].pptxLecture 1 Introduction to Behavioral Finance [Autosaved].pptx
Lecture 1 Introduction to Behavioral Finance [Autosaved].pptx
 
behavioral finance.pptx
behavioral finance.pptxbehavioral finance.pptx
behavioral finance.pptx
 
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisis
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisisMindscope Nov 2014_Tactical Asset Allocation_Investing after the crisis
Mindscope Nov 2014_Tactical Asset Allocation_Investing after the crisis
 
Behavioral Finance And Its Effects On The Economy
Behavioral Finance And Its Effects On The EconomyBehavioral Finance And Its Effects On The Economy
Behavioral Finance And Its Effects On The Economy
 
Behavioral Finance - an overveiw and main concepts.pdf
Behavioral Finance - an overveiw and main concepts.pdfBehavioral Finance - an overveiw and main concepts.pdf
Behavioral Finance - an overveiw and main concepts.pdf
 
Unit 5 Behavioural finance.docx
Unit 5 Behavioural finance.docxUnit 5 Behavioural finance.docx
Unit 5 Behavioural finance.docx
 
Unit 1.pdf
Unit 1.pdfUnit 1.pdf
Unit 1.pdf
 
Behavioral finance, heuristics and marketing
Behavioral finance, heuristics and marketing Behavioral finance, heuristics and marketing
Behavioral finance, heuristics and marketing
 
Term paper
Term paperTerm paper
Term paper
 
Discerning Behavioural Finance
Discerning Behavioural FinanceDiscerning Behavioural Finance
Discerning Behavioural Finance
 
Theories of nonrandom price motion
Theories of nonrandom price motionTheories of nonrandom price motion
Theories of nonrandom price motion
 
Behavioral finance summary
Behavioral finance summaryBehavioral finance summary
Behavioral finance summary
 
Behavioral finance summary
Behavioral finance summaryBehavioral finance summary
Behavioral finance summary
 
Efficient market Hypothesis(EMH).pptx
Efficient market Hypothesis(EMH).pptxEfficient market Hypothesis(EMH).pptx
Efficient market Hypothesis(EMH).pptx
 
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...
 
Limited Attention, Information Disclosure, and Financial Reporting
Limited Attention, Information Disclosure, and Financial ReportingLimited Attention, Information Disclosure, and Financial Reporting
Limited Attention, Information Disclosure, and Financial Reporting
 
Managerial economics
Managerial economicsManagerial economics
Managerial economics
 
Understanding behavioural finance
Understanding behavioural financeUnderstanding behavioural finance
Understanding behavioural finance
 
From The Efficient Market Hypothesis To Behavioral...
From The Efficient Market Hypothesis To Behavioral...From The Efficient Market Hypothesis To Behavioral...
From The Efficient Market Hypothesis To Behavioral...
 
behavioral finance intro
behavioral finance introbehavioral finance intro
behavioral finance intro
 

Recently uploaded

Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMZakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMFaisal834049
 
CLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfCLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfSCBEICSCB
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTindexPub
 
The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024Neil Day
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 

Recently uploaded (20)

Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAMZakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
 
CLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfCLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdf
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
 
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of GhanaMobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
 
The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024The CBR Covered Bond Investor Roundtable 2024
The CBR Covered Bond Investor Roundtable 2024
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 

Wayne Himelsein's Trading Philosophy

  • 2. Introduction  Wayne Himelsein, the chief investment officer of Logica Capital Advisers, brings two decades of hedge fund experience to the Los Angeles firm. Wayne Himelsein has expertise in quantitative trading systems and market neutral investing. When investing and trading, his philosophy is as follows: “The scientific method is the most powerful tool that exists. More specifically, the same mathematical and statistical procedures that take humans to the moon and cure life threatening diseases can equally be applied to the dynamic numerical environment of the capital markets." - Wayne Himelsein
  • 3.  This philosophy is important in light of 3 of his core beliefs: 1. Market neutral strategies are not truly neutral. Besides directionality, there are many other exposures and sensitivities that need to be identified and controlled. 2. Behavioral biases of buyers/sellers in decision making and their impact on market behavior, create inefficiencies that can be exploited in a systematic way. 3. Many managers believe the only way to outperform is more and better information than their rivals; we believe that a deep understanding of market dynamics is a more fruitful exercise.